IRS to Block/Suspend Some 2017 Tax Returns
The IRS says that it will block or suspend processing of 2017 income tax returns that do not comply with the Affordable Care Act (Obamacare) rules requiring filers to disclose their health insurance status. The new move to tighten Americans’ compliance with the Affordable Care Act comes even as the Trump administration takes steps to undercut it. “Taxpayers...Continue reading→
Ten Tax Write-Offs That Are Easy to Overlook
No one wants to pay more in taxes than they have to and we don’t want you to either. Below, are at 10 tax deductions that are sometimes overlooked but which can add up to considerable savings. Job search expenses Money you spend looking for a job in the same line of work as your...Continue reading→
IRS Warns of New Tax Scam
IRS Reminds Taxpayers to Remain Vigilant Against Scams this Summer The Internal Revenue Service has asked taxpayers to be aware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country,...Continue reading→
Why Didn’t I get a Refund?
For tens of millions of Americans, the reward for enduring the agony of preparing tax returns is the refund check they get from the IRS. Yet many people never get tax refunds, and even some who expect to get them don’t always receive their money as quickly as they want. With many different reasons why...Continue reading→
Do You Owe the IRS and Cannot Pay in Full?
SIX PAYMENT OPTIONS WHEN YOU OWE THE IRS What are options available if you have a balance due on your tax return, and you do not have enough money to pay in full? Pay as much as you can by the Filing (April 15th) deadline. Even if you cannot pay the IRS in full, paying...Continue reading→
Where is my Refund? Best Way to Check
Did you know that the IRS issues more than 9 out of 10 refunds in less than 21 days. However, it’s possible your tax return may require additional review and take longer. The best way to check the status of your refund is online through the “Where’s My Refund?” tool at IRS.gov or via the IRS2Go...Continue reading→
Did You Move in 2016? This Tax Break Could Save You Thousands
Did you move in 2016? Even if you didn’t move specifically to start a new job, you may still take advantage of a lucrative tax break for moving expenses. The best part is you can use the tax break for moving expenses even if you don’t itemize deductions on your tax return. Does your move...Continue reading→
2017 Referral Program
For each person whom you refer to Penrose & Associates who becomes a client you will receive a $25 Starbucks gift card. You will also be entered into a raffle at the end of tax season to win a Tablet.
Some Refunds Delayed in 2017
Due to changes in the law, starting in 2017, the Internal Revenue Service (IRS) expects to hold tax refunds for taxpayers claiming the Earned Income Tax Credit (EIC) or the Additional Child Tax Credit until February 15, 2017 to give the agency more time to detect fraud. This applies to the entire refund, not just...Continue reading→
New Filing Dates for Some Tax Returns in 2017
As we get ready for the 2017 filing season, there is hope that the year will be better. One reason is because the 2017 filing season will involve new due dates, a result of years of advocacy by the accounting profession. Partnerships – Form 1065 Business entities such as partnerships or multi-member LLC’s that file...Continue reading→